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Mid-Day Report: Euro Rallies on EU Draft Document Regarding EFSF to Provide Longer Maturities and Lower Lending Rates to GreeceThe single currency went through a roller-coaster session in Europe, despite retreating sharply to an intra-day low against dollar at 1.4139 on comments from Eurogroup's Juncker who said a Greek default may be unavoidable but everything should be done in order to avoid such a possibility and he hopes to provide summit details later today, euro then rallied from there on news of an EMU draft document saying that the European Financial Stability Facility (EFSF, the eurozone bailout fund) will extend loans to Greece, Ireland and Portugal from 7.5 years to at least 15 years and lending rates will be lowered from currently around 4.5 percent to equivalent to those of the balance of payments facility (now approx. 3.5%) for Greece and Portugal. |
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EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.4152; (P) 1.4196 (R1) 1.4258; More. EUR/USD jumps further to as high as 1.4396 in early US session and intraday bias remains on the upside for 1.4577 key near term resistance next. Decisive break of 1.4577 will indicate that the whole correction pattern from 1.4939 has completed with three waves down to 1.3837. In such case, the medium term rally should be resuming for 1.5 and above. On the downside, below 1.4014 will bring another fall. But after all, we'd expect strong support from medium term trend line (now at 1.3783) to contain downside to finish the corr3ection from 1.4939. |
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BOE Signaled To Keep Rates Low For Longer Than ExpectedThe BOE unveiled in minutes for the July meeting that members voted 7-2 to keep the Bank rate at 0.5%. Spencer Dale and Martin Weale favored raising interest rates while Adam Posen called for additional easing beside the existing asset-buying package of 200B pound. The outcome was similar to previous months and was widely anticipated. The central bank saw weakening in economic outlook in the third quarter and reiterated the stance that current inflationary pressures are temporary. Interest rates will likely stay low for longer than previously expected. |
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Trade Idea Update: GBP/USD – Buy at 1.6165Despite intra-day retreat to 1.6121, as the British pound has risen again after finding renewed buying interest above the Ichimoku cloud top, suggesting recent upmove from 1.5781 low is still in progress and further gain to 1.6261-64(61.8% projection of 1.5781-1.6195 measuring from 1.6005 and 50% Fibonacci retracement of 1.6747-1.5781), however, near term overbought condition should limit upside to 1.6300 and bring retreat later today. Trade Idea: EUR/GBP – Buy at 0.8770Despite intra-day brief retreat to 0.8763, as the single currency has rebounded again after finding renewed buying interest, suggesting further consolidation above this week’s low of 0.8706 would be seen and mild upside bias remains for retracement to 0.8847-50 (previous resistance and 38.2% Fibonacci retracement of 0.9084 to 0.8706), break there would confirm a temporary low is formed and bring a stronger rebound to previous support at 0.8900/05 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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